Financial institutions around the world are facing a surge in fraud and cyberattacks. A new report by LexisNexis Risk Solutions explores the state of digital fraud, revealing a 17% increase in digital fraud attacks within the financial services sector in 2023. According to the report, human-initiated attacks in financial services rose to 1.2% last year, up 8% year-over-year (YoY). Notably, North America saw a 30% rise in attack rates, in contrast to declines in Asia-Pacific (APAC) and Europe, the Middle East and Africa (EMEA), where rates dropped by 15% and 24%, respectively. In 2023, the financial services industry continued to…
Author: Fintech News Malaysia
TNG Digital, operator of the TNG eWallet, is reportedly planning a domestic IPO in the next two to three years, aiming to raise over US$300 million, according to sources cited by Reuters. Proceeds from the potential IPO are expected to support further expansion in Malaysia and Southeast Asia. However, sources emphasized that deliberations are ongoing, with no final decision made. TNG Digital stated that it is continuously exploring options for capital market access and will provide updates when appropriate. If the IPO is successful, TNG Digital could achieve unicorn status with a valuation exceeding US$1 billion. Established in 2017 through…
Consumers in Cambodia can now make instant cross-border QR payments in Malaysia, following the launch of the first phase of a payment linkage between the two countries This initiative, developed by Bank Negara Malaysia (BNM) and the National Bank of Cambodia (NBC), allows Cambodian users to make retail payments in Malaysia by scanning DuitNow QR codes via mobile apps like Bakong and Maybank M2U KH. The payment linkage project, which started after the signing of a Memorandum of Understanding in February 2024, will be introduced in two phases. The second phase will enable Malaysian users to make payments in Cambodia…
TOPPAN IDGATE, a major player in digital identity solutions, has expanded its partnership with Malaysia-based eKYC platform provider Innov8tif to strengthen digital identity solutions in the ASEAN financial sector. TOPPAN IDGATE’s AI-driven face recognition and device binding technologies will be integrated into Innov8tif’s EMAS eKYC platform. This collaboration aims to bolster security, regulatory compliance, and fraud detection capabilities for financial institutions across the region. TOPPAN IDGATE’s iDenFace technology, which ranked among the Top 20 most accurate in the NIST 1:1 Face Recognition Vendor Test in 2021 and complies with ISO/IEC 30107 standards for liveness detection, will enhance Innov8tif’s full eKYC…
Malaysia’s digital bank, Boost Bank, has announced the upcoming launch of its SME Financing services in early October. This makes it the first digital bank in the country to offer financing especially for micro, small, and medium enterprises (MSMEs). The SME Financing solutions will feature two main products: a Term Loan and Revolving Credit. Designed to simplify the application process, these offerings require minimal documentation and reportedly have no hidden fees, with loan amounts starting from RM50,000. The quick loan processing allows businesses to access capital promptly, meeting their financial needs. The Term Loan facility offers a tenure of up…
The upcoming SCxSC Fintech Summit, taking place on 1-2 October 2024, will gather local and regional industry leaders, technologists, policymakers, investors, and fintech communities. The summit will engage, network, and explore opportunities in fintech innovation with a focus on the future of the capital market. Focusing on two key themes – artificial intelligence (AI) and blockchain, the summit will dive into visionary future ideas, showcasing use cases, and charting building blocks to enable purpose-driven innovation within the market. Now in its 11th year, SCxSC will feature global leaders such as Foong Chee Mun, CEO of YTL AI Labs; Dr. Siew…
Weixin Pay, a mobile payment and digital wallet service by WeChat, has partnered with PayNet to enable Chinese Mainland travelers to make payments using DuitNow QR at over 2 million merchants across Malaysia. This integration simplifies transactions for visitors, removing the need for currency exchange or separate top-ups, while offering a familiar payment method. Local merchants are expected to benefit from greater visibility among Chinese consumers. In a related development, Hong Leong Bank (HLB) announced that its HLB DuitNow QR merchants can now accept Weixin Pay. Merchants, such as The Hub café at DC Mall, are prepared to offer this…
Fintech firm M-DAQ Global has launched its Wallex solution in Malaysia to simplify cross-border transactions and foreign exchange (FX) conversion for businesses of all sizes. Wallex is designed to address the challenges of cross-border payments, offering a streamlined and cost-effective solution for managing FX risks and ensuring secure, compliant transactions. With over 40,000 clients and expertise in ASEAN currency corridors, the platform supports businesses from small and medium enterprises (SMEs) to large corporations in handling payments both locally and internationally. “M-DAQ Global is excited to introduce Wallex to the Malaysian market as part of our commitment to driving business success in…
Maybank has made a strategic investment in Funding Societies, a digital financing platform for micro, small and medium enterprises (MSMEs) in Southeast Asia. The sum was not disclosed. The investment aims to strengthen collaboration between Maybank and Funding Societies, focusing on enhancing financial inclusion and bridging funding gaps for MSMEs across the region. This marks Maybank’s first investment under a new initiative to partner with leading digital organisations in ASEAN. The move aligns with the bank’s M25+ strategy, which emphasizes accelerating digital innovation to better serve the MSME community. Funding Societies, founded in 2015, is a regional fintech company focused…
Malaysia and the United Kingdom are joining forces to harness the potential of Islamic finance for green investments. This collaboration aims to drive sustainable economic growth and address the pressing need for funding. Malaysia’s green investment needs alone are projected to reach RM1.2 trillion to RM1.3 trillion by 2050. The recent MIFC-UK Business Forum in London highlighted this partnership. Islamic finance, with its principles of ethical practices and equitable risk-sharing, aligns naturally with sustainability goals. Key stakeholders from both countries gathered to discuss strategies. These included increased cross-border collaboration, utilising innovative financial instruments, and fostering partnerships in capacity building and…
RHB Banking Group has introduced new security measures to enhance the safety of its online and mobile banking platforms. Starting 21 September 2024, customers will be required to activate their accounts via a one-time Secure Plus activation at an RHB ATM when using a new mobile device for transactions. In addition, a 12-hour cooling-off period will be introduced for high-risk fund transfers and transfer limit increases, allowing customers more time to review and potentially stop any suspicious activity. These measures aim to address the growing concerns over online financial fraud and provide customers with stronger safeguards. The Secure Plus activation…
Digital identity represents a major shift in how we interact with the digital world, paving the way for enhanced user experience and security. There has been much progress, evolving from the usage of mere passwords and usernames to more sophisticated security markers like biometrics and those that use AI technology. In the Asia Pacific region, governments are at varying stages of maturity when it comes to digital identity. Some have even set ambitious targets, with the hope of strengthening digital connectivity and making life easier on the whole, for its people. The State of Digital Identity in Southeast Asia A…
GamBit Group has launched the RM100 million GamBit Growth Fund to drive its expansion into the fiscal and digital asset sectors. The fund aims to fuel the company’s growth by investing in emerging opportunities and developing in-house technologies. GamBit Custody, a subsidiary of GamBit Group, recently secured approval from the Securities Commission Malaysia as a Digital Asset Custodian (DAC). It played a key role as the custody wallet for BidNow, which successfully raised RM10 million in Malaysia’s first token crowdfunding campaign held on the IEO platform PitchIN. In addition to BidNow, GamBit Custody also supports Frac, a tokenisation enabler for…
The AirAsia MOVE app has launched BigPay Lite, an integrated wallet feature that enables users to quickly set up an account and make secure payments directly within the app. This new feature simplifies the process by eliminating the need to exit the app or download a separate application. BigPay Lite makes it easy for users to sign up and pay without additional steps. Users can sign up directly from the BigPay widget on the AirAsia MOVE app by filling out their personal information, and they can start using BigPay Lite immediately. Users can reload their wallet and make payments directly…
TNG eWallet users can now recycle used cooking oil (UCO) and receive payments directly to their eWallets through a new partnership with Arus Oil. This collaboration aims to promote sustainability by turning waste into a resource, while reducing environmental pollution. Arus Oil, which has collected 1,000 tonnes of UCO since 2017, is streamlining the recycling process via TNG eWallet. Users can sell their UCO to Arus Oil via TNG eWallet by simply tapping on the Arus Oil icon in the app, creating an appointment, and providing necessary details along with a photo of the UCO. Arus Oil will then arrange…
Malaysia’s first digital bank, GXBank, is making changes to its interest rates and cashback programme as it enters its second year. From 1 October 2024, the daily interest rate for Main Accounts and Savings Pockets will be reduced from 3.00% p.a. to 2.00% p.a. while still being credited daily. Meanwhile, the GX Card cashback programme is also being revised, with changes to the unlimited 1% cashback offer taking effect from 6 November 2024. Details of this have not been shared. Over the past year, GXBank has onboarded over 800,000 users earning nearly RM29 million in interest. More than half of…
The Securities Commission (SC) Malaysia’s Chairman Dato’ Mohammad Faiz Azmi urged stakeholders to collaborate and pave the way for the future of Islamic fintech during a keynote address at a roundtable in London. He emphasized the potential of fintech to further Islamic finance’s goals of social justice and ethical conduct, creating a greater social impact. Dato’ Faiz highlighted the need for the industry to rethink its branding, focusing on ethical values that resonate with a wider audience. He also acknowledged the growth of Islamic fintech in Malaysia, with Shariah-compliant projects raising over US$262 million through Equity Crowdfunding (ECF) and Peer-to-Peer…
Hong Leong Bank has made substantial improvements in the efficiency of its collection operations by leveraging artificial intelligence (AI), according to The Sun. The bank noted that the productivity of its AI-driven collection agents has surged by 15 times, accompanied by an 86% reduction in associated costs. According to Hong Leong’s Group Managing Director and CEO Kevin Lam, the deployment of AI voice bots, which manage up to 16 simultaneous calls, has been instrumental in these advancements. This system, which began its rollout in the latter half of the financial year 2024 (FY24), has replaced the workload previously handled by…
Malaysia’s homegrown digital bank, Boost Bank, is set to offer small and medium enterprise (SME) loans starting in October, according to The Edge. This will be rolled out after the completion of loan book transfers from its micro-financing arm, Boost Credit, which is expected by September. Launched in June, the digital bank consortium is a joint venture between Axiata’s fintech arm Boost, which holds a 60% stake, and RHB with the remaining 40%. Axiata’s CEO, Vivek Sood, shared that these loan book transfers will enable Boost Bank to provide crucial financing services, such as working capital and supply chain loans,…
Malaysia’s first digital bank, GXBank, is now offering Cyber Fraud Protect insurance in collaboration with Zurich General Insurance Malaysia. This new digital insurance product is aimed at protecting Malaysians from financial losses caused by unauthorised electronic transfers and cyber scams. Cyber Fraud Protect is available within the GXBank mobile app and offers coverage for financial losses arising from cybercrimes, including unauthorised transfers from local bank accounts, e-wallets, and credit or debit cards. Customers can choose from three coverage options: Basic (RM1/month), Plus (RM2/month), or Pro (RM4/month), directly within the GXBank mobile app. Once selected, the policy is activated instantly, and…